Property prices are constantly moving up and down.
Over a long enough period of time, property values typically go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll create a larger profit when you sell.
But how will you be sure what you're buying now will appreciate over time? Property values in Gloucester vary for numerous reasons.
The most important thing is that you choose a real estate agent in Gloucester who can identify the factors that drive local prices.
What is the most crucial factor affecting real estate appreciation? Many assume that it's the economy.
there are numerous factors on a national level that affect your property's value: unemployment, interest rates, consumer confidence, and more.
But the most important things that figure your house's value depend on the local Gloucester economy and housing market.
Location in a community - People typically want homes in the areas with the easiest access to places we go often or everyday, like our jobs and schools.
So those areas usually appreciate, or retain their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is considered?
Local economy - Is there a good blend of job types in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.